Paranoid about generic Contracts being legal - Posted by Chris St. James

Posted by firefox on October 30, 2003 at 24:37:17:

>I have “Generic Land Trust” Contracts but there too my lawyer says I can’t use these in NH.

Did he say why? NH, I believe, is not one of the states that has a land trust statute, so I’m not sure what he means by “can’t work here”. Hell, does he even know how land trusts work? Lots of lawyers don’t, so rather than admit ignorance they’ll tell you “no”. It’s hard to be sued for malpractice when you say “no”.

Paranoid about generic Contracts being legal - Posted by Chris St. James

Posted by Chris St. James on October 04, 2003 at 09:35:49:

I’m in NH and had some generic Lease Option contracts reviewed by a large “Real Estate savvy” firm with bad results. They would gladly revamp my generic Contracts for $100 per page, saying there was NO such thing as standard forms I could use. The pro-tenant laws here would NOT let me keep the Option Fee or rent credits if the potential buyer wants to back out of the deal later. This seems like there is NO profit to be made in NH on these deals except for the monthly cash flow. I’m also uncertain about who’s money I am using to bring the deal to closing? Who is “really” paying the inspection fees, title work, etc. to consumate a deal? Is this ME or the Buyer/tenant at closing? Don’t lawyers have to be put on a retainer for their work?

Re: Paranoid about generic Contracts being legal - Posted by William Bronchick

Posted by William Bronchick on October 04, 2003 at 10:21:45:

Generic contracts are “legal”, the question is whether they are “suitable” for your particular use. Furthermore, I’ve found that more often than not, people fill out the forms incorrectly. So, I would pay an atty to review forms and ask a lot of questions “why”. Why is that? Why does that clause need to be there? What’s wrong with this clause or that? What’s the worst that could happen?

In short, use attorneys to identify the legal issues and suggest courses of action, but don’t let them bully you into things because they are afraid. Learn the risks, then tak action according to your own comfort level.

As for the “pro tenant” laws forbidding you from keeping the option money, I doubt that seriously. If you have good forms and do business fairly, I don’t see a judge (even the most liberal one) saying you can’t keep a non-refundable deposit of a few thousand bucks.

Re: Paranoid about generic Contracts being legal - Posted by Chris St. James

Posted by Chris St. James on October 08, 2003 at 20:06:13:

Maybe I should have asked is there a list of questions we can use to select a “qualified” Real Estate attorney? Also, what is your definition of Good forms? I’ve seen legal forms packages that claim to be “legal” in my state I can buy for $100 or so.

Re: Paranoid about generic Contracts being legal - Posted by BobSmith

Posted by BobSmith on October 04, 2003 at 13:19:42:

Dear Mr. Bronchick,

You wrote: “Generic contracts are “legal”, the question is whether they are “suitable” for your particular use. Furthermore, I’ve found that more often than not, people fill out the forms incorrectly. So, I would pay an atty to review forms…”

I just bought my first property, and want to transfer it to a land trust. I don’t have any Land Trust forms, but I see generic land trust forms on the Internet costing $100 to $200.

Since the forms will need to be reviewed by a local attorney…wouldn’t it be just as cheap to have him prepare the land trust for me, and then I’ll just make copies of it for all my future property acquisitions?

Bob

Re: Paranoid about generic Contracts being legal - Posted by William Bronchick

Posted by William Bronchick on October 08, 2003 at 20:29:12:

There’s an audio explanation of how to pick a good real estate atty under the “articles” section of this site. Most generic legal forms packages I have seen are just that… generic.

Re: Paranoid about generic Contracts being legal - Posted by Chris St. James

Posted by Chris St. James on October 08, 2003 at 19:58:36:

I have “Generic Land Trust” Contracts but there too my lawyer says I can’t use these in NH. Is this no surprise or how long should I look for a better attorney and how much would I have to pay for a Good one? There’s NO Real Estate Investor club in NH either to get referrals from either.

Re: Paranoid about generic Contracts being legal - Posted by William Bronchick

Posted by William Bronchick on October 05, 2003 at 17:56:02:

If you can find an atty that understands land trusts, then I agree it would be cheaper to start from scratch. Many people have their atty read my land trust course and take it from there. In fact, many attys buy my land trust course.

Re: Paranoid about generic Contracts being legal - Posted by Chris St. James

Posted by Chris St. James on October 10, 2003 at 07:36:03:

I read your answer to How Do You Select A GOOD Real Estate Attorney? at www.creonline.com/real-estate-law/Bronchick/legal-001.html but did not find any Audio link for something similar from the How to articles of this site.